An efficient and effective planning and reporting software is essential in today’s leading companies. Yet, so many organisation weakening processes with old-school spreadsheet-based systems which are time-consuming, error-prone and mind-numbing for the employees responsible for managing and maintaining them
Budgeting and Forecasting is often viewed as a stand-alone process that is separated from other activities of the business, however as a core process for measuring and controlling the business it should be integrated into the business.
An integrated ‘platform’ also referred to as a ’single source of truth’, automatically collects all the key data from different silos like excel spreadsheets, ERP and CRM programs. Not only does an integrated platform creates more connectivity across different parts of the business, it also Improves decision making and data quality.
When choosing a planning and reporting software many businesses, initially start with an off-the-shelf software solution because it is fast and cheap. Eventually, many businesses found the lack of customisation and adaptability to the individual business needs, lead to inefficiency. As businesses grow, these challenges became more and more pronounced and scalability becomes even harder to reach.
For companies it is essential to understand that a quick ‘band-aid’ fix, is a solution that covers up the symptoms but does little or nothing to mitigate the underlying problem. Investing in a software solution that answers to the individual needs of the business, can generate a return on investment that is well worth it.
Watching the Cricket World Cup, it was interesting to see young companies like Uber, Godaddy and Booking.com as the main sponsors of the event. Despite being relatively new to the market, these companies have become the leaders in their industry.
The success driver these companies share, is the utilisation of data. Withstanding the competitive pressure by making significant technology investments and implementing the needed organisational changes paved the way for success.
By continuously using analytics to improve their core operations, integrated the data of the business and evaluating performance on a real time basis, created a dynamic business environment.
Yes, I know! You company is probably not a big as Uber, it is not as technology driven as Booking.com, and in overall your business is running well.
However, the truth is, in today’s fast pace and competitive business environment, you need to have confidence in the quality of the financial and operational data your management relies on to make decisions. Spreadsheets simply aren’t up to the task. Regardless of the size or industry your business operates in, data is an asset and not using it, and ignoring the information it provides, comes with major downfalls.
You don’t have to be big, you just have to be smart and eager to grow. At Bi5 Solutions, we have customers who are mining Minerals in the outback, farming lobsters in tanks or manufacture pesticides for Australia agriculture. All of these businesses have adopted a modern integrated business software because they have realised the potential it comes with. It enabled the organisations to build a sustainable environment where management can make thoughtful and informed decisions, in order to grow the business.
Don’t wait for tomorrow, start today!
Get in touch with one of our business intelligence experts today.Contact Now